Unit 3: Latin America Economics Question Preview (ID: 43618)

6th Grade Latin America Economics. TEACHERS: click here for quick copy question ID numbers.

Tariffs, quotas, and subsides are examples of
a) free trade
b) trade barriers
c) trade incentives
d) restrictive licenses

What is the best definition of an embargo?
a) the prohibiting of trade between countries
b) an increase in exports from select countries
c) a situation of freely traded goods and services
d) the amount that can be legally imported into a country

One primary reason that trade between nations takes place is because
a) no nation can be economically self-sufficient
b) resources are evenly distributed around the world
c) nations use their absolute advantage in production to monopolize international markets
d) nations produce a surplus at a lower cost and export it for goods that are too costly to produce

Which of these effects would most likely impact trade in a Latin America country after a natural disaster?
a) lack of shelter and food
b) pollution of fertile soil
c) damage of country's enviroment
d) loss of infrastructure and communications

Which country has the Greatest command economy?
a) Brazil
b) United States
c) Cuba
d) Mexico

Which of these is a correct description of one of the ways in which command economy differs from a market economy?
a) Market economies discourage free enterprise
b) in a market economy the government sets the prices
c) command economies tend to have a higher per capita GDP
d) In a command economy individuals have less economic freedom

In what country would you MOST expect to find state-controlled industry, the greatest amount of restrictions on private business ownership, and the majority of the population working for the government?
a) Brazil
b) Canada
c) Cuba
d) Mexico

In a capitalists economy, prices are
a) usually unfair
b) set by the central governmnet
c) used to ensure social equalitiy
d) determined by supply and demand

What type of economy does Brazil have?
a) mixed
b) market
c) command
d) traditonal

When two or more nations engage in free trade, how is the standard of living improved in the participating countries?
a) goods become cheaper, demand rises, output increase
b) goods become cheaper, demand lowers, output decreases
c) goods become more expensive, demand rises, output increases
d) goods become more expensive, demand lowers, and output decreases

Under which economic system would factors of production MOST LIKELY be owned by government?
a) Mixed Econonomy
b) Traditional Economy
c) Market Economy
d) Command Economy

Cuba's economy could BEST be described as a _____________ Economy.
a) Command Economy
b) Market Economy
c) Mixed Economy
d) Traditional Economy

Which political trend exists in present day Latin America?
a) Democracy is replacing dictatorship
b) Most countries are becoming military juntas
c) Communism is spreading throughout the region
d) Religious leaders are making government policies

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